The Ledger
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Rea: Podium's gross monthly customer churn hovers around 1%
“We usually focus on a net churn, but our gross hovers around about one percent monthly, which in our space is extremely good.”
Rea: Podium's average customer lifetime value is about $10,000
“So our LTV, our average LTV is about 10 grand. So if you take, it's about three, three year lifetime.”
Eric Rea: Podium Charges $299 per Month per Location
“So we charge it. 299 dollars a month. And that's per location.”
Eric Rea: Podium Customers Pay an Average of $400 Monthly
“So average customers paying us about 400 dollars a month.”
Podium expanded from 15 to 110 employees over 12 months
“End of 20 15. We had 15 employees. And then today we have a 110.”
Podium raised $500k seed in 2014 and $3.5M in December 2015
“We raised 500 grand in 2014. So that was our kind of seed round. And then we raised three and a half in December of 2015.”
Podium gave up about 20% equity for its $4M in funding
“We have given up About. 20% of the business.”
Rea: Small businesses go out of business at about 1% monthly
“Small businesses go out of business at about one percent monthly.”
Rea: Podium maintains a net negative churn of about 2% monthly
“And then we really focus on our net churn, which is about negative two percent monthly.”
Rea: Podium spends about $1,200 on average to acquire a customer
“We spend about 1200 dollars to acquire a customer. That's our cap.”
Rea: Podium grew from zero to $1.8M ARR in 2015
“We went from zero at the beginning of 2015 to, well, close to zero to 1.8 million in ARR. By the end of 2015.”
Rea targets reaching mid-$30M ARR for Podium in 2017
“2017, we'd like to do twenty five million dollars in new annual recurring revenue, which would take us to about somewhere in the mid thirties if our churn holds.”